The financial report was published as the club announced the date of its upcoming annual general meeting to shareholders.

Losses were down on the previous year by £16,181, going from £320,322 in 2013 to £304,341 a year later, with the sale of Michael Tidser to Rotherham FC for £50,000 appearing to make the difference.

Overall, Greenock Morton Football Club’s debt to holding company Golden Casket now stands at £2,138,309 — up £297,342 on the previous year.

Some fans have expressed concern at the potential for that money to be called in, but chairman Douglas Rae — who owns both Golden Casket and Morton — has in the past insisted that will not happen while ‘he is breathing’.

This year’s accounts state: “The holding company, Golden Casket (Greenock) Limited, has confirmed that it does not seek repayment of the sums advanced within the foreseeable future.” At a question and answer session in the Morton Supporters’ Club on 2 May last year, Mr Rae said: “The debt to Golden Casket by Morton can be called in whenever I ask for it to be called in, but the situation is that as long as I am breathing I will not be calling in the debt.

“The fact of the matter is that it is something that will have to be thought on for the future, perhaps for when I’m no longer here. But, in the meantime, I am not asking for it to be repaid at this point.” His son and stadium director Crawford Rae added: “The bottom line is, the debt is owed to the Rae family, and the Rae family are still principal shareholders of the club.

“There is no way we’re going to push the club, as the chairman said, into administration, because there is no point in that. We want to find a way out of this problem. We want to push youth because we believe 100 per cent that is the way forward. It is the only way that we can get sustainability for the club.

“The only way that we are going to reduce the debt over a long period of time is to bring players through, and that is the way we are pushing to take the club forward.” He continued: “We [the Rae family] are Morton supporters and we see the future of the club as developing youth to hopefully have greater sustainability in the club.

“We need to stand on our own two feet. Whether that’s possible, that’s yet to be seen. But the youth is definitely the future of Greenock Morton Football Club.” In terms of finances over the year, turnover was down from £883,943 in 2013 to £831,040 in 2014, with the bulk of that difference coming from a decrease in football-related income.

The figures will be discussed at the club’s 118th AGM, which will be held on Wednesday 11 March at Cappielow. The report to shareholders also reveals that club director Alison Bryce has left the board, resigning at the end of last year.